4. Writing Assignment-lVIicro Reection Paper Assignment (5%) It is often perplexing for first year students to see how microeconomic concepts like opportunity cost, demand, supply, and elasticity pertain to their lives. These topics often seem remote and foreign even though they are very relevant. It is the objective of this assignment to foster an understanding of how the material in Chapters 2, and 3 of the textbooks Irelates to your life. In turn, your grasp of the course material should be deepened and strengthened. Instruction Students are required to write about two concepts (Choose concepts/terms from New Glossary Terms on page 73 for chapter 2 and page 119 for chapter 3) and link it with your personal experiences. Students are advised to write a single-spaced paper ranging in length from minimum 500 words to a maximum of 700 words. There are really no wrong answers. However, a summary of chapters/external articles is not acceptable. You are simply expected to reect on the material om the chapters and determine the way(s) in which it is meaningll to you either for the past, present, or iture. You will be graded on the originality and insightilness of your work and not the quantity. Expectations for Writing Assignment: It is expected that students are uent enough in uniting their thoughts in English. Use times new romans font with font size 12 for your work. Add your name, SAIT ID, and your section number in the header. Organize your work in paragraphs and each paragraph should be clearly addressing one concept only. Before submitting your work, get it spell checked and make sure that your submission is no less than 500 words and no more than 700 words. No doing so will result in deduction of marks. Example: The example is related to macroeconomic concepts and students should be able to adapt it for microeconomics. Every two years my parents buy a new car from General Motors in the price range from twenty to thirty thousand dollars. This is where GDP comes in; when they buy the car it adds to the consumption (C) section of the equation and increases the income for the United States government. In the meantime, they sell their car to someone in the paper for some percent of what they paid for it. This however, does not count for the GDP, because the car was already owned once the price that was paid already added to the GDP and therefore does not now. Unemplovment is the one aspect of our economv that has affected me directlv. During the mid- Example: The example is related to macroeconomic concepts and students should be able to adapt it for microeconomics. Every two years my parents buy a new car from General Motors in the price range from twenty to thirty thousand dollars. This is where GDP comes in; when they buy the car it adds to the consumption (C) section of the equation and increases the income for the United States government. In the meantime, they sell their car to someone in the paper for some percent of what they paid for it. This however, does not count for the GDP, because the car was already owned once the price that was paid already added to the GDP and therefore does not now. Unemployment is the one aspect of our economy that has affected me directly. During the mid- 80s my mother and father were both employed at a steel mill in a little town called Natrona Heights [Pennsylvania]. After working for a combined 23 years they were both laid off on the same day. Just a week after that we were all living with my grandmother and my grandfather. I remember this time of my life very clearly because I was forced to share the same room with my three brothers